The price of Solana (SOL) has decreased by 4.66% in the last 24 hours, now standing at $159.74. This drop occurred amid significant Bitcoin liquidation, leading to increased market volatility.
Active Addresses Indicate a Bullish Trend
Despite the price drop, the daily active addresses on the Solana network have been on the rise, currently at about 16.93 million. This increase in user activity points to growing adoption and usage of the platform, which could precede price recoveries. The uptick in active addresses suggests that the recent correction may have been liquidity-driven rather than fundamentally bearish.
Solana Price Analysis
On the 4-hour chart, SOL faces immediate resistance in the $165-$168 range. This zone coincides with the 24-hour high of $168.34 and the upper Bollinger Band. SOL's price action has shown multiple rejections from this level, making it crucial for bulls. A successful breakout above $168 could lead the price of Solana to rally toward $179.77. However, if SOL fails to maintain support above $158, it may slide further down toward the $152.5 zone, a key psychological and technical support.
Frequently Asked Questions
None
The decline in Solana's price, amid Bitcoin liquidations and volatility, is associated with conflicting signals. The increasing number of active addresses may indicate potential for price recovery in the future.
